tend | 2008:1 | 0.11 | (−7.18)*** | 2008:1 | 0.02 | (−4.62)** | 2008:1 | −0.01 | (−3.45) | |
const | 2012:1 | 0.25 | (−6.34)*** | 2012:1 | 0.32 | (−3.70) | 2012:2 | 0.45 | (−2.39) | |
Primary expenses | both | 2005:3 | 0.60 | (−4.21) | 2005:3 | 0.55 | (−3.98) | 2005:3 | 0.47 | (−4.17) |
tend | 1999:1 | 0.69 | (−3.68) | 1998:4 | 0.67 | (−3.45) | 2010:1 | 0.55 | (−4.01) | |
const | 2005:3 | 0.60 | (−4.24) | 2005:3 | 0.55 | (−4.07) | 2005:3 | 0.44 | (−4.49) | |
Panel III—Ipea | ||||||||||
Net revenues | both | 2008:3 | 0.13 | (−7.13)*** | 2008:3 | 0.05 | (−4.60) | 2007:1 | 0.11 | (−3.24) |
tend | 2008:1 | 0.14 | (−7.00)*** | 2011:2 | 0.19 | (−4.50)** | 2008:1 | 0.13 | (−3.14) | |
const | 2012:1 | 0.26 | (−6.35)*** | 2012;1 | 0.32 | (−3.79) | 2012:1 | 0.48 | (−2.42) | |
Primary expenses | both | 2005:3 | 0.62 | (−4.15) | 2005:3 | 0.62 | (−3.42) | 2008:2 | 0.52 | (−4.06) |
tend | 1999:1 | 0.72 | (−3.54) | 1998:4 | 0.73 | (−2.97) | 2010:1 | 0.61 | (−3.74) | |
const | 2005:3 | 0.63 | (−4.20) | 2005:3 | 0.62 | (−3.60) | 2005:3 | 0.52 | (−4.14) |